The Sri Lankan Government has decided to retain Value Added Tax (VAT) and will not replace it with Turnover Tax (TT), the Sunday Times Online reliably understands.
VAT was to be replaced with TT and the announcement was to be made in this afternoon (Friday)'s budget presentation. The decision to stay with VAT comes in the wake of opposition from the business community and the tourism sector in particular. In an article titled "VAT – Throwing the “Baby with the Bathwater” which appeared in the Business Times last week, Suresh Perera, Principal – Tax and Regulatory, KPMG Ford, Rhodes, Thornton & Co, explained why replacing VAT is not beneficial oo the country.
The tourism sector said TT, which has a cascading effect, would stall development in the sector. - ENDS -
Former State Minister Lohan Ratwatte passed away today while receiving treatment at a private hospital in Colombo, his family said. He was 57. Recently, he was admitted to hospital following an illness.
Among the top news stories reported today were the passing away of former State Minister Lohan Ratwatte, questioning of NPP Leader Wimal Weerawansa by the CID over the remarks he made about the Easter Sunday attack investigations and a protest march held in Borella calling an end to Israel’s continued bombardment of Gaza.
Two persons reportedly involved in the murder of a resident in Peradeniya following a dispute over a chocolate worth 10 cents has been remanded by the Magistrate when Peradeniya Police produced them in court.
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Hundreds of local and foreign tourists have been taken for a ride with Artificial intelligence (AI) generated images that the Nine Arch Bridge has been illuminated, encouraging night time visitors.
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